Consolidated Financial Results March YTD 2008 Conference Call

Transcription

1 Consolidated Financial Results March YTD 2008 Conference Call

2 LAMDA Development CONSOLIDATED FINANCIAL RESULTS March YTD 2008 March YTD 2008 Consolidated Financial Results Conference Call 2 2

3 NAV PERFORMANCE March 2008 vs March 2007 : 13% +1,5% +11% 454,6 461,4 408,2 +34% 305 March 2006 March 2007 December 2007 March 2008 YEAR March YTD 2008 Consolidated Financial Results Conference Call 3 3

4 INCOME STATEMENT SUMMARY March YTD : 2008 vs 2007 (in million) ,8 19,0 15,5 15,8 11,2 10,5 7,0 5,0 Recurring EBITDA EBITDA Pre-tax Profit Net Profit March YTD 2008 Consolidated Financial Results Conference Call 4 4

5 RECURRING EBITDA March YTD : 2008 vs 2007 (in million) 7.0 m vs 5.0 m ,0 5,0 3,7 3,4 3,4 3,0 1,0 0,9 0,2 1,2 1,0 0,6 0,4 The Mall Athens Mediterranean Cosmos Offices Flisvos Marina Other Services Dividends Overheads Recurring EBITDA -0,5-3,1-3,0 March YTD 2008 Consolidated Financial Results Conference Call 5 5

6 PROFITABILITY DRIVERS March YTD : 2008 vs 2007 (in million) 20,8 19, ,0 11,2 9,8 10,5 7,0 5,0 4,0 0,0 0,8 0,3 Recurring EBITDA Valuations TMA Top-Up Premium Other services EBIDTA Net Interest Depreciation Minorities Taxes Net Profit -0,5-0,5-0,8-2,8-1,4-3,5-3,9-4,8 March YTD 2008 Consolidated Financial Results Conference Call 6 6

7 TURNOVER March YTD : 2008 vs : 16.3 M 2007 : 14.9 M (in million) 4,4 3,9 4,6 4,1 3,0 2,1 2,3 2, ,6 1,0 1,0 0,9 The Mall Athens Mediterranean Cosmos Other Rental Income Property sales Flisvos Marina Services March YTD 2008 Consolidated Financial Results Conference Call 7 7

8 Revenue % Visitors 2.7 m. Shopkeeper sales + 7.1% EBITDA BREAKDOWN THE ATHENS MALL March YTD 2008 vs 2007 (in million) ,9 7,9 7,6 6,4 6,1 6,9 1,3 0,7 1,1 0,9 0,1 0,1 Base Turnover Parking Other Total Revenue Management fee Other fees EBITDA -0,6-0,6-0,7-0,4 Above chart represents 100% operational results for the Shopping center. The Athens Mall is consolidated on a proportional basis (49.24 %) for published results purposes. March YTD 2008 Consolidated Financial Results Conference Call 8 8

9 EBITDA BREAKDOWN MEDITERRANEAN COSMOS March YTD : 2008 vs 2007 Revenue +12.2% Visitors 2.1 m. Shopkeeper sales +27.2% (in million) 4,0 3,8 4,6 4, ,4 3,0 0,3 0,3 0,2 0,1 Base Turnover Other Total Revenue Management fee Other fees EBITDA -0,2-0,3-0,2-0,9 Above chart represents 100% operational results for the Shopping center. Mediterranean Cosmos is consolidated on a full basis and minority interest is taken into account. March YTD 2008 Consolidated Financial Results Conference Call 9 9

10 BALANCE SHEET SUMMARY Balance Sheet - Euro M March 2008 Dec 2007 Investment Property 518,5 505,5 Fair Value Fixed Assets & Inventory 226,1 216,4 At cost Available for sale (EFG Properties) 51,6 56,7 Market Value Total Investment portfolio 796,2 778,6 Cash 104,3 46,2 VAT Receivable 24,9 26,4 HSBC Receivable 50,1 50,1 Other Receivables 43,0 43,1 Total Assets 1.018,5 944,4 Bank Debt 439,1 376,0 Payables 55,3 51,5 Deferred Tax Liability 67,6 64,8 Total Liabilities 562,0 492,3 Share Capital 233,5 235,3 Retained Earnings 167,6 161,9 Minorities 55,4 54,9 Total Equity 456,5 452,1 Total Liabilities & Equity 1.018,5 944,4 NAV 461,4 454,6 March YTD 2008 Consolidated Financial Results Conference Call 10 10

11 (in million) INVESTMENT PORTFOLIO NAME VALUE 31/03/2008 LAMDA Development % Balance Sheet Value VALUATION METHOD YIELDS % Retail net yield % RETAIL The Mall Athens (1) 563,6 49,24 277,5 Fair Value 31/03/08 5,7 Mediterannean Cosmos (2) 171,8 60,10 171,8 Fair Value 31/03/08 7,4 Golden Hall 21, ,2 Cost SUB-TOTAL (RETAIL) 756,6 470,5 6.4 OFFICES Office net yield % Cecil 39, ,7 Fair Value 31/03/ Kronos 16, ,1 Fair Value 31/03/ Othonos 9, ,5 Fair Value 31/03/ Koropi 4,9 80 4,9 Cost SUB-TOTAL (OFFICE) 70,5 67,2 6.7 RESIDENTIAL Ilida (Residential) (1) 15,5 49,24 7,6 Cost LAND Spata 16, ,1 Cost Viltanioti (1) 8,3 50 4,2 Cost Aegina (second home) 13, ,3 Cost Sofia / Dragalevtsi (Residential) 3, ,9 Cost Sofia / Ring Road (Mixed) (1) 5,4 50 2,7 Cost Sofia / V.Levski Blvd. (Mixed) 13, ,6 Cost Belgrade / Vrakar (Residential) 3, ,0 Cost Belgrade / Kalemegdan (Mixed) 56, ,1 Cost Belgrade (Mixed) 20, ,7 Cost Montenegro / Budva (Residential) 3, ,6 Cost Bucharest / Pitesti (Logistics) 2,8 90 2,6 Cost Bucharest (Residential) 9, ,8 Cost SUB-TOTAL (LAND) 156,6 149,6 OTHER ASSETS Kronos Parking 5, ,8 Fair Value 31/03/08 Flisvos Marina (2) 39,9 39,4 39,9 NBV EFG Properties Shares 505,0 10,22 51,6 Market 8,28 Other Fixed Assets 4, ,0 SUB-TOTAL (ASSETS) GRAND TOTAL 554,7 101, ,9 796,2 (1) Proportional Consolidation (2) Concession March YTD 2008 Consolidated Financial Results Conference Call 11 11

12 DEBT PORTFOLIO DEVELOPMENT Debt Analysis - Euro M Mar 31, 2008 Dec 31, 2007 The Athens Mall Medit. Cosmos Mall Marina Other Lamda Development Company Total Debt % Long Term 99% 99% Total interest rate cost 5,3% Average Debt Maturity Avail. Credit Facilities 250m 7 years 1% spread Secured Unutilized Credit Line Facilities : 250m March YTD 2008 Consolidated Financial Results Conference Call 12 12

13 NEW PROJECTS FUNDING ADDITIONAL DEBT CAPACITY Mar.31, 2008 Dec 31, 2007 Euro - M Total Debt Cash Net Debt Investment portfolio value Net Debt / Investment portfolio (LTV) 42% 42% Total Equity Net Debt / Equity 73% 73% Euro M Available Credit Facilities 250 Cash from HSBC transaction 50 Utilization of existing cash 50 New Projects capacity 350 Note : This capacity is in excess of the current 503m investment pipeline which will be financed on a non recourse basis The Athens Mall debt is consolidated on a proportional basis. Total Athens Mall debt is 272m - Lamda Development share is 49,24% March YTD 2008 Consolidated Financial Results Conference Call 13 13

14 NAV SENSITIVITY ANALYSIS NAV Sensitivity Analysis Cap Rates Sensitivity The Athens Mall Pilea Mall Offices Total - Euro M March 2008 Valuation ,0 March 2008 Cap rates 5,7% 7,4% 6,2%-7,1% NAV change from 1% cap rate change 92 24,0 8,7 Lamda Development share 45,3 14,4 8,1 67,8 EBITDA Sensitivity NAV change from 1M EBITDA change per project Lamda Development share 8,9 8,4 17,3 Total Yields and EBITDA sensitivity 85,1 March YTD 2008 Consolidated Financial Results Conference Call 14 14

15 DEVELOPMENTS - PIPELINE March YTD 2008 Consolidated Financial Results Conference Call 15 15

16 ACTIVE DEVELOPMENT PIPELINE LD participation 503m. PROJECTS' NAMES & LOCATIONS PROJECT TYPE PLOT SIZE (in sq.m.) LAND ACQ/TI ON PRICE ( mio) DEVELOPMENT SITE (in sq.m.) TOTAL PROJECT BUDGET ( mio) EXPECTED ROI % L.D. SHARE % GREECE "The Golden Hall", Maroussi Athens Shopping Center 46 Year Concession % 100% Aegina island BULGARIA Second Home Residential , % 100% V. Levski Blvd./ Sofia Mixed use , % 100% Ring Road project/ Sofia Mixed use , % 50% Dragalevtsi/ Sofia Residential , % 100% ROMANIA Pitesti/ Bucharest Logistics , % 90% Grivita Lake /Bucharest Residential , % 100% Ploiesti Blvd. / Bucharest Office building , ,8 50% 40% North part / Bucharest Residential , % 100% SERBIA & MONTENEGRO Kalemegdan/ Old City of Belgrade Vracar-Juzni Blbd/ Belgrade Mixed use , % 100% Residential , % 100% Sveti Stefan/ Budva Resort Residential , % 100% March YTD 2008 Consolidated Financial Results Conference Call 16 16

17 ACTIVE DEVELOPMENT PIPELINE GREECE Total L.D. Participation : 503 million The Golden Hall Shopping Center, Maroussi Athens - Total investment cost : 75 million - Expected completion : Autumn Signed contracts : 99% - LAMDA Development 100% - 40 year concession & 6 year renewal option - Shopping center : approximately sq.m. GLA - Office space : sq.m parking spaces - Managed by ECE LAMDA Development JV Second Home Resort Residential, Aegina island - Estimated investment cost : 50 million - LAMDA Development 100% - Acquisition of sq.m. land plot - Development of a sq.m. second home resort residential complex - Land cost : 13,5 million 125m March YTD 2008 Consolidated Financial Results Conference Call 17 17

18 ACTIVE DEVELOPMENT PIPELINE BULGARIA Sophia Mixed use ( V. Levski Blvd Oborishte) - Estimated Investment Cost : 47 million - LAMDA Development 100% - Acquisition of sq.m. of land - Development of a mixed use office/retail property totaling sq.m. - Land cost : 13 million Sophia Mixed use (Ring Road Project) - Estimated Investment Cost : 28 million - LAMDA Development/GEK joint participation - Acquisition of sq.m. of land - Development of a mixed use office/retail property of about sq.m. - Land cost : 6 million Sophia Residential (Dragalevtsi) - Estimated Investment Cost : 14 million - LAMDA Development 100% - Acquisition of sq.m. of land - Luxurious residential development of about sq.m. - Land cost : 4,2 million 75m March YTD 2008 Consolidated Financial Results Conference Call 18 18

19 ACTIVE DEVELOPMENT PIPELINE ROMANIA 83m Bucharest Logistics (Pitesti, Bucharest western part) - Estimated Investment Cost : 25 million - LAMDA Development 90% participation - Acquisition of a sq.m. land plot - Development of logistic spaces of about sq.m. - Land cost : 3 million Bucharest Residential (Grivita Lake, Bucharest north part) - Estimated Investment Cost : 18 million - LAMDA Development 100% - Acquisition of a sq.m. land plot - Residential development of about sq.m. - Land cost : 4,7 million March YTD 2008 Consolidated Financial Results Conference Call 19 19

20 ACTIVE DEVELOPMENT PIPELINE ROMANIA 83m Bucharest Office building (Bucuresti Ploiesti Blvd) - Estimated Investment Cost : 6.8 million - LAMDA Development 40% participation - Acquisition of a sq.m land plot - Office building development of about sq.m. - Land Cost : 0,5 million Bucharest Residential (Bucuresti North part) - Estimated Investment Cost : 40 million - LAMDA Development 100% - Acquisition of a sq.m. land plot - Residential development of more than sq.m. - Land cost : 10 million March YTD 2008 Consolidated Financial Results Conference Call 20 20

21 ACTIVE DEVELOPMENT PIPELINE SERBIA MONTENEGRO 220m Belgrade Mixed use (Kalemegdan Old City of Belgrade) - Estimated Investment Cost : 190 million - LAMDA Development 100% - Acquisition of sq.m. land plot - Development of approximately sq.m. above ground and below ground/ Residential 75% - Commercial 25% - Land cost : 56 million Belgrade Residential (Vracar Juzni Blvd) - Estimated Investment Cost : 15 million - LAMDA Development 100% - Acquisition of sq.m. land plot - Development of a residential complex of approximately sq.m. - Land cost : 2,9 million Budva Resort residential (Sveti Stefan) - Estimated Investment Cost : 15 million - LAMDA Development 100% - Acquisition of sq.m. land plot - Development of an exclusive second home resort complex of approx sq.m - Land cost : 4 million March YTD 2008 Consolidated Financial Results Conference Call 21 21

22 SHARE PERFORMANCE 01/01/ /03/ LAMDA = -29,33% - 10,12 ASE = -23,03% ,97 MID-40 = -21,84% , /12/07 7/1/08 14/1/08 21/1/08 28/1/08 4/2/08 11/2/08 18/2/08 25/2/08 3/3/08 10/3/08 17/3/08 24/3/08 31/3/08 March YTD 2008 Consolidated Financial Results Conference Call 22 22

23 SHAREHOLDERS COMPOSITION (as of May 9th, 2008) SHARE CAPITAL BREAKDOWN International Institutional Investors 23,9% Private Investors 3,7% Consolidated Lamda Holdings S.A. 55,7% Greek Institutional Investors 11,2% EFG Eurobank Ergasias Group S.A. 5,5% Total number of shares: March YTD 2008 Consolidated Financial Results Conference Call 23 23